Business

United States monetary officials’ concerns on the impact of global economic developments on the US economy and the Federal Reserve (Fed) rates is seen positive for capital flows to emerging economies like the Philippines.

Foreign portfolio investments, otherwise known as “hot money,” due to its transient nature, posted a net inflow of $344.23 million as of June 26, Bangko Sentral ng Pilipinas (BSP) data showed. 

Share prices rallied above the 7,800-mark amid raised optimism in the business sector after the oath taking of President Rodrigo Duterte and prospects that the United States (US) interest rate hike will be deferred until next year.

Gokongwei group flagship JG Summit Holdings Inc. (JGSHI) has agreed to purchase 577.2 million shares of Global Business Power Corp. (GBPC) consisting of 423.3 million shares from GT Capital Holdings Inc. and 154 million shares from Manila Electric Co. generation unit PowerGen Corp to expand its exposure in the energy business.

President Duterte’s pro-reform administration will likely to attract foreign direct investment (FDI) inflows, US-based think-tank IHS Global Insight said. 

The Caltex brand of US oil giant Chevron has reformulated its signature additive package with the addition of a new Clean & Glide technology. 

A self-contained classroom, aptly named EGG, will be sent to remote areas through a partnership between the Department of Education (DepEd) and Microsoft Philippines.

By Riza Lozada Growth in local trade resulted in foreign- currency (forex) borrowings among local banks to grow 11.4 percent in the first quarter, the Bangko Sentral ng Pilipinas (BSP) reported over the weekend.

The Securities and Exchange Commission (SEC) approved the change of name of insurance holding company Generali Pilipinas Holding Cp. Inc. (GPHC) to BDO Life Assurance Holdings Corp. (BDO Life Holdings), and its wholly-owned life insurance company, Generali Pilipinas Life Assurance Company Inc. (GPLAC), to BDO Life Assurance Company Inc. (BDO Life), BDO Unibank reported to the Philippine Stock Exchange.

By Riza Lozada
 To comply with market regulators’ requirements on a P70-billion megadeal, listed Liberty Telecoms Inc. (LIB) will voluntarily delist from the stock market,  as its shares will be the subject of a tender offer.